Sharplink Gaming Inc. (NASDAQ:SBET – Get Free Report) rose 7.4% during trading on Thursday . The company traded as high as $5.63 and last traded at $5.5550. 4,872,628 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 7,754,728 shares. The stock had previously closed at $5.17.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on SBET shares. HC Wainwright began coverage on shares of Sharplink Gaming in a report on Tuesday, April 7th. They set a “buy” rating and a $10.00 target price for the company. TD Cowen initiated coverage on shares of Sharplink Gaming in a research report on Friday, April 10th. They issued a “buy” rating and a $16.00 price target on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $16.00 price target on shares of Sharplink Gaming in a report on Tuesday, March 17th. Alliance Global Partners reiterated a “buy” rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Finally, Citizens Jmp reduced their price objective on Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating for the company in a research note on Wednesday, March 11th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.34.
Read Our Latest Report on Sharplink Gaming
Sharplink Gaming Stock Performance
Sharplink Gaming (NASDAQ:SBET – Get Free Report) last announced its earnings results on Friday, May 8th. The company reported ($3.25) EPS for the quarter, missing the consensus estimate of ($0.62) by ($2.63). The firm had revenue of $12.06 million during the quarter, compared to analyst estimates of $14.60 million. Sharplink Gaming had a negative return on equity of 38.53% and a negative net margin of 3,604.61%.During the same quarter in the previous year, the business earned ($1.84) earnings per share. As a group, analysts anticipate that Sharplink Gaming Inc. will post 0.11 earnings per share for the current year.
Insider Buying and Selling
In related news, Director Obie Mckenzie sold 12,892 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total value of $95,529.72. Following the completion of the transaction, the director owned 24,998 shares of the company’s stock, valued at approximately $185,235.18. This trade represents a 34.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert M. Gutkowski sold 12,892 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the sale, the director directly owned 24,998 shares in the company, valued at approximately $185,235.18. This trade represents a 34.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 38,676 shares of company stock valued at $286,589. Company insiders own 3.60% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of SBET. Wolverine Asset Management LLC purchased a new stake in Sharplink Gaming in the 4th quarter worth about $4,398,000. Highbridge Capital Management LLC grew its stake in Sharplink Gaming by 5,947.5% during the 4th quarter. Highbridge Capital Management LLC now owns 512,764 shares of the company’s stock valued at $4,584,000 after acquiring an additional 504,285 shares in the last quarter. Clear Street Group Inc. purchased a new position in Sharplink Gaming during the 4th quarter valued at about $5,253,000. Cresset Asset Management LLC acquired a new position in shares of Sharplink Gaming in the 3rd quarter valued at about $2,400,000. Finally, Boundless Plain Holdings Ltd acquired a new position in shares of Sharplink Gaming in the 4th quarter valued at about $8,150,000. Hedge funds and other institutional investors own 13.75% of the company’s stock.
Sharplink Gaming Company Profile
SharpLink Gaming, Inc operates as an online technology company that connects sports fans, leagues, and sports websites to sports betting and iGaming content. The company operates through four segments: Affiliate Marketing Services United States, Affiliate Marketing Services International, Sports Gaming Client Services, and SportsHub Games Network. It operates a performance marketing platform, which owns and operates state-specific web domains to attract, acquire, and drive local sports betting and casino traffic directly to the company's sportsbook and casino partners, which are licensed to operate in each respective state; and offers sports betting data to sports media publishers.
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